FREE AUTOMATED EMAIL UPDATES
Sign in to take advantage of all this site has to offer. Save your favorite listings and searches – also receive email updates when listings you like come on the market for free!*Contact Information is NOT Shared*

An alternative to a non-conforming loan is the use of a land contract, which is allowed in some states. A land contract is an agreement between a buyer and a seller, where the buyer agrees to make periodic payments to the seller. The title to the property only transfers to the land contract buyer on fulfillment of the land contract obligations.

A land contract can be helpful for those who need time to establish or improve their credit rating. There are only small closing costs, and payment can help establish a good mortgage payment record. This can help establish an overall good credit rating, and it is possible for the buyer to later refinance the land contract with a conforming loan.

On the other hand, there are risks associated with land contracts. Land contract purchases are not necessarily recorded in the public record, and there are no guarantees that the seller will be able to transfer a clear title to the buyer upon fulfillment of the land contract. There also is no lender assuring that the purchase price for the property is justified, and no inspection of the property’s condition.

Another alternative to a non-conforming loan is assuming the seller’s mortgage. By assuming a mortgage, if the mortgage is assumable, it is possible to save on closing costs, and may allow you to obtain a favorable interest rate.

Copyright 2018 Georgia MLS. All rights reserved. Information deemed reliable but is not guaranteed. The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of Georgia MLS. Real estate listings held by brokerage firms other than Chapman Hall, Realtors/Realty® Atlanta North are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing broker. Information provided is for consumer\'s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Chapman Hall, Realtors/Realty® Atlanta North does not display the entire MLS database on this website. The listings of some
real estate brokerage firms have been excluded. This site will be
monitored for \'scraping\' and any use of search facilities of data on the site other than by a consumer looking to purchase real estate, is prohibited. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated on 2018-12-19.